Travel Brands Turn to Risky Payments From the Crypto-Wealthy

Patrick Whyte, Skift

- Mar 14, 2018 12:30 am

Skift Take

The bitcoin bubble may have burst — at least temporarily — but there are still plenty of people sitting on sizable gains. The risk for any company accepting payment in cryptocurrencies is their volatility, which tells you that it is probably more about public relations than profits at this stage.

— Patrick Whyte

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The Skift New Luxury newsletter is our weekly newsletter focused on the business of selling luxury travel, the people and companies creating and selling experiences, emerging trends, and the changing consumer habits around the sector.

Some people have become very rich off the back of the bitcoin boom. The problem for these crypto-affluents is that most retailers don’t accept these new forms of digital currency.

Enter a small handful of companies who have either decided to take the risk and accept payment in bitcoins directly or who act as intermediaries.

The end result is the same: People can now buy expensive stuff using bitcoin. Contributor Samantha Shankman took a look at what these companies have to offer and whether they are a sign of things to come in the luxury market.

Whether you think what they’re doing is good or not depends on your view of bitcoin and other cryptocurrencies. It’s either a smart move to get out in front of a new trend or foolish to take part in something that looks as though it could rival tulip mania or the dotcom boom for its bubble-like qualities.

If you have any feedback about the newsletter or tips, feel free to reach out via email at pw@skift.com or tweet me at @paddywhyte.

— Patrick Whyte, Europe Editor

5 Looks at Luxury

Is the Crypto-Luxury Market Worth The Risk? Bitcoin’s growth has made a lot of people very wealthy and more companies are looking at tapping into what could be a lucrative market. The problem, though, is the unpredictable nature of cryptocurrency markets means accepting these virtual currencies comes with considerable risk.

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